HYPE climbs to $86 as Hyperliquid sees record $14.3 billion open interest

Open interest hits all-time high

Market data from Hyperliquid, a decentralized perpetual exchange, showed that platform-wide open interest reached a record $14.3 billion. This figure marks an increase of $3.57 billion over the past month, fueled primarily by activity in Hyperliquid’s core perpetual markets. In contrast, open interest in markets launched via HIP-3—the protocol’s permissionless market deployment framework—declined during this period.

Approximately 97% of fees generated by the core perpetual market are used for HYPE buybacks. Builders using HIP-3 can retain up to 50% of the fees from the markets they deploy, offering an incentive for third-party developers to participate in the Hyperliquid ecosystem.

Increased participation in the core perpetual markets has coincided with consistent HYPE token purchases and a robust buyback program.

Hyperliquid recently repurchased and burned 15,350 HYPE valued at $1.32 million within 24 hours, with an average price of $86.17. To date, cumulative token burns have reached 48.45 million HYPE, accounting for 4.84% of the token’s maximum supply.

The protocol’s buyback mechanism channels trading activity directly into recurring HYPE purchases, supporting the token price despite recent market challenges.

HYPE maintained record-high pricing following a token unlock worth nearly $820 million on September 6, overcoming concerns about potential sell pressure from newly available tokens.

Historical token unlock patterns indicate that only a limited portion of unlocked HYPE moves to exchanges, preventing significant immediate selling after major distributions.

User growth and US expansion discussions

Hyperliquid’s user base has grown, in part due to new trading access facilitated by Coinbase. Since mid-August, Coinbase has directed Base App users toward Hyperliquid, expanding the reach of its perpetual trading markets.

The protocol has also explored potential entry into the regulated US derivatives market, initiating discussions with the Commodity Futures Trading Commission and the Securities and Exchange Commission regarding regulatory frameworks and possible no-action relief for perpetual products.

Bitcoin traded below $80,000 during HYPE’s recovery, while the token remained just below its all-time high.

Price structure and technical outlook

On the daily chart, HYPE remained near $86, having risen from the $52 level in early August. The advance accelerated in late August, surpassing the June peak at $75 before testing $89.

The Average Directional Index (ADX), now at 54.58, points to strong trend momentum. The Chaikin Money Flow (CMF) indicator sits at 0.15, remaining positive since the August breakout and reflecting sustained buying pressure.

Mini dictionary: Chaikin Money Flow (CMF), a technical analysis indicator measuring the volume-weighted average of accumulation and distribution, helping traders assess buying and selling pressure in an asset.

The immediate resistance zone lies between $88 and $90, repeatedly capping HYPE’s rallies in recent sessions. A close above $90 could pave the way towards $95 and the psychological $100 threshold. Failure to clear this level may keep the token trapped in a consolidation range. On the downside, support emerges at $82–$83, with a break below exposing $81.82, the intraday low, and possible retests of $78–$80.

On the 4-hour chart, HYPE recovered above the 50-period simple moving average ($84.75) after briefly dipping below it. The next moving average support stands at the 100-period SMA, positioned at $83.23. The 200-period SMA trails further below at $72.15, maintaining the bullish structure established during HYPE’s August ascent.

The Commodity Channel Index (CCI) has rebounded to -1.68 after marking oversold territory during the September 8 correction, reflecting the ongoing price recovery. Meeting resistance at $89–$90, a further bullish push would require a firm close above these levels and a positive shift in CCI readings, which could open the path to $95 or $100. A 16% gain from current levels would be needed to reach $100.

Resilient buybacks, technical indicators, and restrained token unlock transfer volumes have all kept HYPE trading near its highs despite broader market headwinds and major unlock events.